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Similaire à Empty Rates Update May09
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Empty Rates Update May09
- 1. Empty Rates Update Presentation By Tom Stokes FRICS Managing Director, Evans Easyspace Past Chairman, Business Centre Association
- 3. Examples of our Portfolio
- 5. Government rationale on Empty Rates “ The aim of modernising empty property rates is to provide a strong incentive for owners to re-let, re-develop or sell non-domestic buildings” Angela Eagle MP There has in fact been an increase in vacant property over the last year but this has been due to the downturn in the economy. “ It costs almost as much to rent office space in Birmingham and Manchester as in Manhatten. Continuing to subsidise properties that are empty by providing relief for rates makes little sense in this context” This data was taken from the King Sturge Global Industrial and Office Rents Survey “ This reform will provide a positive incentive to owners to bring their properties back into active use, increasing the supply of commercial properties available to new and existing businesses, which should help reduce rents for businesses” Angela Eagle MP There has in fact been an increase in the demolition of perfectly sound properties due to EPR. “ The reforms to empty property relief represent a fair balance between providing the incentive to re-use property and giving property owners rate relief whilst they manage their vacancies” John Healey MP Owners tend to wait about 12 months before considering demolition so the level of demolitions is likely to increase in the next few months. “ To say that there has been no meaningful consultation with the property industry on this reform is untrue” Angela Eagle MP I met Lord Myners from The Treasury and suggested that they use this year to do a proper consultation with the property sector. “ It is not our intention to conduct a review of business rates” Lord Myners
Notes de l'éditeur
- Have been doing a lot of lobbying Not greatly encouraged by governments response
- Leeds & yorkshire sites
- These are some of the responses from government What landlords do not want to let space – I would suggest that interest cover is vital for property companies with falling values – and a tax on empty properties does not help How long does it take to let space, do a lease and get people in?
- One of the effects is that we believe that there will be distressed landlords out there because of empty ratesond we are prepared to offer a management role using our expertise This is a departure for us There are of course companies such as Forsyth & MWB doing this but we can tackle different and more challenging properties
- Consequences Loss in rates is £500,000 p/a for reduced development programme Plus corporate tax, income tax, VAT, national insurance, building contracts and income into local communities Fewer new premises being built – rents will rise Fewer jobs in local community
- Core cities are making a case for abolition of EPR at least whilst the economy is in recession Birmingham Bristol Leeds Liverpool Manchester Nottingham Sheffield